Anysphere: Best-of-Breed Player in Vibe Coding

Summary

Anysphere, the San Francisco-based company behind the AI code editor Cursor, represents one of the fastest-growing SaaS companies, achieving $500 million ARR in just 24 months since launch. Founded in 2022, the company has revolutionized software development by creating an AI-native coding assistant that fundamentally reimagines how developers write code. The company has raised $1.07 billion in total funding, including a recent $900M Series C round valuing it at $9.9 billion. With over 1 million daily users and over 360,000 paying subscribers across individual developers and Fortune 500 enterprises, Anysphere commands the leading position in the rapidly expanding AI coding assistant market. The company’s remarkable organic growth trajectory, achieved with zero marketing spend, combined with its superior product differentiation and expanding enterprise adoption, positions it as a compelling investment opportunity in the burgeoning AI-powered developer tools sector. Manhattan Venture Research (MVR) projects its 2025 revenue at $0.7 - $1 billion, with a trajectory toward $2.5 to $3.3 billion by 2030.

‍Methodology

Our views on Anysphere are derived from our rigorous research process, involving proprietary channel checks with users, competitors, and industry experts, and synthesizing publicly available information from the company and other reliable sources.

‍Key Points

Spearheading the ‘Vibe Coding’ Revolution: Vibe coding—code generation through natural language prompts—is rapidly becoming the next paradigm in software development. Anysphere has emerged as a breakout leader in this space, with its ARR accelerating from $100 million to $500 million between January and May 2025.

Strong Market Traction Affirms Credibility: Anysphere has surpassed 1 million daily active users. The platform is now adopted by more than 50% of Fortune 500 companies, with marquee customers including NVIDIA, Uber, Adobe, Stripe, OpenAI, and Spotify, among others.

Developer Ecosystem and Network Effects: Anysphere’s Compounding Strategic Moat: Anysphere has been more than just a developer tool—it is rapidly becoming a platform at the core of modern software engineering workflows. Through its flagship product Cursor, the company is building a sticky, self-reinforcing ecosystem that exhibits clear signs of network effects, community flywheels, and data-driven product velocity.

Solving Key Pain Points of the Software Engineering Industry: Anysphere’s Cursor AI addresses critical challenges in software engineering, including talent shortages, high labor costs, legacy system complexity, inefficiencies, and mounting technical debt.

Exceptional Team Underpinning High Operational Efficiency: Anysphere’s leadership hails from top firms like Palantir, Google, Tesla, and Stripe. Engineers undergo rigorous, AI-free technical screenings and a two-day live project before joining. This high bar drives exceptional productivity—~$5M ARR per employee (vs. $125K median for private SaaS)

Robust Organic Growth Validates Product-Market Fit: Anysphere’s go-to-market motion is a clear outlier. The company achieved $500 million in ARR without traditional sales or marketing, relying solely on bottom-up adoption and product-led virality across various social developer communities.

Key Concerns: Dependence on Third-Party Foundational Model and Potential Risk of Commoditization: Anysphere’s Cursor relies heavily on foundation models like those of OpenAI to power its LLM capabilities, meaning any change in pricing, rate limits, or GPU availability at providers (largely, OpenAI and Anthropic) has a direct impact on its cost structure and service reliability. Additionally, Anysphere’s biggest long-term challenge is the risk that AI coding tools become a commodity. Open-source models like Code Llama, DeepSeek-Coder, and StarCoder are improving quickly, making basic tasks like code suggestions, bug fixes, and documentation generation standard features.

Valuation: The latest funding round ($900M series C) valued the company at $9.9B, a 281% markup from its valuation of $2.6 billion post-series B in December 2024. MVR projects its 2025 revenue at $0.7 - $1 billion, with a trajectory toward $2.5 to $3.3 billion by 2030.

Executive Summary

For two decades, the holy grail in software development has been 10x engineers. But the future may not be about finding them; it may be about building tools that make every engineer 10x better. Today, with generative AI models integrated into the development environment, writing and refactoring code is becoming real-time, conversational, and increasingly abstracted from low-level execution. In the process, the barriers to high-quality software creation are being lowered.

Against this backdrop, Anysphere has quickly emerged as the category-defining player in AI-powered coding. Founded in 2022 and based in San Francisco, the company is the creator of Cursor, an AI-first code editor that has seen unprecedented adoption across both individual and enterprise users. With over one million daily active users and more than 360,000 paying subscribers, Anysphere has proven that the demand for intelligent, integrated development environments is a global productivity unlock.

In just 24 months, the company has scaled to $500 million in annual recurring revenue, making it one of the fastest-growing SaaS businesses. This growth has been entirely organic underscoring the product’s inherent virality and developer stickiness.

While the space is heating up, Anysphere maintains clear technical and distributional advantages. The product’s architecture was built ground-up for AI collaboration, enabling better contextual memory, faster inference, and more intuitive multi-language support. Accordingly, its adoption has expanded from solo developers to full-stack teams within Fortune 500 enterprises. We are bullish on Anysphere’s long-term investment outlook given its position as a category-defining platform in an expanding market, high-margin, product-led growth engine built on minimal customer acquisition costs and strong net revenue retention, and significant strategic optionality to expand horizontally into adjacent tooling layers such as testing, DevOps, and observability, which are ripe for AI-native disruption.

While the competitive and technical landscape will continue to evolve, we believe AI-native coding environments are here to stay. Anysphere has the technical DNA, user base, and executional velocity to remain at the forefront of this transformation.

Company Overview

Anysphere delivers AI-powered coding through its flagship tool, Cursor—trusted by leading development teams to enhance productivity across code writing, editing, and review. Cursor is used by 53% of Fortune 1000 companies and over 50,000 enterprises as their preferred Integrated Development Environment (IDE). With more than 100 million lines of enterprise code written daily, Cursor is purpose-built for developer teams seeking a smarter, more efficient coding experience.

On June 16, 2025, Anysphere introduced Ultra, a new $200/month plan offering 20x the usage of the Pro plan. While the Pro plan continues to meet the needs of most users, Ultra addresses strong demand from power users for more predictable, high-volume access—beyond usage-based pricing. Ultra is enabled by multi-year partnerships with OpenAI, Anthropic, Google, and xAI, whose support was critical in delivering large-scale compute at a fixed cost.

One week later, Anysphere also updated the Pro plan. By default, it now operates on an unlimited-with-rate-limits model, removing all limits on tool calls. Existing users may opt to retain the previous 500-request limit if preferred.

Competitive Benchmarking

Anysphere stands out as the most economical startup in the AI coding space and ranks among the highest-rated in its niche. It is also the most well-funded and highly valued startup among its private peers.

Anysphere – Strong Competitive Position

The rise of open-source foundational models and significant investment in AI startups has lowered entry barriers in the market. However, Anysphere maintains a strong competitive edge as the most well-funded player in its niche. Its rapid user adoption reinforces its credibility, while its economical pricing further accelerates adoption. Anysphere offers the most cost-effective pricing in the segment and benefits from network effects driven by swift market uptake. While these advantages position Anysphere as a compelling choice for users, the availability of multiple alternatives tempers its influence, resulting in moderate customer bargaining power.

Anysphere operates in the AI-powered coding market—an emerging space with vast startup opportunities. As AI-driven solutions are poised to replace legacy software in the coming years, the market is expected to expand significantly. This reduces competitive rivalry and lowers the threat of substitutes, particularly given Anysphere’s early-mover advantage and the absence of direct alternatives.

However, supply chain risks—such as potential GPU disruptions from impending Trump-era tariffs—may increase hardware costs. Additionally, training data for large language models is becoming more expensive. Despite this, the growing availability of GPU-as-a-Service (GPUaaS) solutions helps moderate supplier power. Furthermore, low switching costs and minimal risk of supplier forward integration contribute to keeping supplier bargaining power in check.

Key Positives

Spearheading the ‘Vibe Coding’ Revolution

Vibe coding—a term coined by OpenAI cofounder Andrej Karpathy to describe code generation via natural language prompts—is rapidly emerging as the next paradigm in software development. OpenAI CEO Sam Altman recently forecasted that software engineering will look fundamentally different by the end of 2025. Echoing this, Meta CEO Mark Zuckerberg signaled that AI is set to take over tasks traditionally handled by mid-level engineers.

This shift is already underway. According to GitHub, AI generated 41% of all code in 2024, totaling 256 billion lines. In parallel, 92% of US-based developers now use AI coding tools both professionally and personally. These models are improving exponentially, and developers are swiftly adapting.

The momentum extends beyond individual developers. Enterprises are scaling AI-powered coding across operations. Jared Friedman, managing partner at Y Combinator, shared that 25% of founders in the current YC batch rely on AI to write 95% of their codebases. At Google, more than 25% of all new code is now AI-generated, reviewed, and accepted by engineers, per CEO Sundar Pichai, underscoring growing adoption at scale.

Anysphere has emerged as a breakout leader in this space. Between January and May 2025, its ARR surged from $100 million to $500 million. From December 2024 to May 2025, its valuation skyrocketed from $400 million to $9.9 billion. By May 2025, it had surpassed one million daily active users and secured enterprise clients including Shopify, OpenAI, and Instacart, positioning it as one of the fastest-scaling AI coding startups.

Strong Market Traction Affirms Credibility

Anysphere has surpassed 1 million daily active users through organic, word-of-mouth growth, highlighting the platform’s strong technical foundation and practical value. The platform is now adopted by more than 50% of Fortune 500 companies, with marquee customers including NVIDIA, Uber, Adobe, Stripe, OpenAI, and Spotify, among others. ARR surged from approximately $0 to $500 million in 14 months, per market consensus, nearly doubling every two months — a testament to its exceptional financial trajectory.

Cursor, Anysphere’s AI-native Integrated Development Environment (IDE), is consistently ranked among the top developer environments across GitHub and leading software forums. Its rapid adoption is fueled by global software engineering labor shortages, the exponential growth of codebases, and a new wave of startups embedding LLMs directly into development workflows. Launched in stealth in late 2023, Cursor saw explosive growth throughout 2024, which continues in 2025. Key differentiators include its accelerated product velocity and tight feedback loops with users.

The company attracts world-class talent across AI, systems engineering, and design. Cursor is recognized for delivering an exceptional developer experience and rapidly integrating community feedback. Developers spend an average of 15–30 minutes per session in Cursor, indicating strong user engagement. The community actively contributes plug-ins, bug fixes, and novel use cases. “Agent Mode” offers a first look at multi-step autonomous coding capabilities. Premium adoption is high, particularly among enterprise teams and power users.

Developer Ecosystem and Network Effects: Anysphere’s Compounding Strategic Moat

Anysphere has cultivated a vibrant developer community, driving adoption and innovation. Cursor’s API (Application Programming Interface) enables integration into third-party tools, such as e-learning platforms and CI/CD (Continuous Integration/ Continuous Deployment) pipelines, creating network effects. For instance, a game studio using Cursor exposes its technology to millions of end-users, boosting brand awareness. In May 2025, 21.3 million users visited Cursor, with monthly active users averaging over 4 minutes per session. This sticky ecosystem, combined with community-driven feedback, accelerates feature development.

Anysphere has been more than just a developer tool—it is rapidly becoming a platform at the core of modern software engineering workflows. Through its flagship product Cursor, the company is building a sticky, self-reinforcing ecosystem that exhibits clear signs of network effects, community flywheels, and data-driven product velocity.

Developer adoption isn’t just about signups—it’s about stickiness and daily utility. Cursor isn’t a tool developers “check in” with—it’s one they rely on. This degree of dependence translates to low churn and high lifetime value, traits that are catnip to B2B SaaS investors.

Where Anysphere excels is in its use of community-driven feedback loops. Feature ideas, bug reports, and improvement suggestions flow daily through Discord, GitHub, and product telemetry. These are not passive metrics—they are active ingredients in the development cycle. Moreover, Cursor is the perfect AI code tool for high complexity coding tasks, a requirement for today’s software engineering landscape.

Solving Key Pain Points of the Software Engineering Industry

Anysphere’s Cursor AI addresses critical challenges in software engineering, including talent shortages, high labor costs, legacy system complexity, inefficiencies, and mounting technical debt.

The global tech talent gap is severe, with 85 million jobs to be unfilled by 2030, according to Korn Ferry. In the US alone, ~1.4 million developer positions remain vacant, risking a $162 billion output loss, according to Grid Dynamics. Additionally, software developers are expensive with a median pay of roughly $131,450 per year, according to the Bureau of Labor Statistics. For context, the overall median salary in the US is $66,622 per year, according to the Social Security Administration. Cursor, Anysphere’s AI coding assistant, significantly amplifies individual engineer productivity—positioning each as a next-gen, AI-augmented developer.

Trusted by leading companies including OpenAI, Spotify, and Stripe, Cursor reportedly produces ~1 billion lines of functional code daily. This dramatically increases output per engineer and offsets renumeration costs.

Legacy systems and technical debt are major sources of friction: 86% of developers feel burdened by outdated stacks, and 58% are considering quitting, per Storyblok. Technical debt consumes 23-42% of developer time, per CodeScene. Cursor performs deep codebase analysis and refactoring, tackling technical debt and enhancing code maintainability. Through iterative “vibe-coding,” it allows developers to concentrate on higher-value work while the AI handles repetitive tasks.

Automation bottlenecks further hinder delivery: The lack of skilled talent exacerbates the issue. Cursor automates key processes—code generation, test scaffolding, CI/CD integration, and debugging—closing the automation gap and supplementing limited developer capacity. According to Kissflow, automation drives 25–30% gains in productivity, reduces errors by 40–75% compared to manual processes, and boosts employee satisfaction by 15–35% by eliminating routine tasks.

A Need for a Shorter Timeline Without Compromising Quality: Rising competition in software development is driving tighter deadlines and increasing pressure on teams. According to Forbes, 7 out of 10 software projects miss their original deadlines. Cursor helps maintain code quality under these conditions by embedding best practices into code generation and offering real-time debugging support.

Junior developers face steep onboarding curves: Bridging the gap between academic skills and real-world complexity is difficult. Legacy code and tooling increase cognitive load and slow ramp-up. Cursor acts as an intelligent tutor—explaining code, suggesting improvements, and generating context-aware functions—accelerating onboarding and democratizing high-quality contributions.

Exceptional Team Underpinning High Operational Efficiency

Founded by four MIT classmates—Michael Truell, Sualeh Asif, Arvid Lunnemark, and Aman Sanger—in January 2022, the team combines deep technical expertise with strong product leadership. A rigorous hiring culture: no AI assistance in interviews to test raw engineering skills, culminating in a two-day on-site project to find candidates passionate about their craft. Despite early mistakes, they moved away from elitist hiring strategies, favoring diverse thinkers who bring creativity and experimentation—qualities that have spurred innovation.

Anysphere’s founding team combines rare technical excellence and an intense focus on builder culture. These traits are not only shaping product velocity but are also becoming a competitive moat.

Michael Truell, Arvid Lunnemark, Aman Sanger, and Sualeh Asif, have experience in deep AI research and high-scale engineering. Truell, the CEO, interned at Jane Street and Palantir; the others held roles at Google, Tesla, and Stripe. Engineers at Anysphere must pass technical screens without the use of AI tools, followed by a 2-day on-site project to ship real features with the team. This “craftsman filter” yields extraordinary results: ~$5 million in ARR per employee (based on $500 million ARR and ~100 employees, per Bloomberg). For context, as of 2024, the median ARR per employee for private SaaS companies was $125,000, according to SaaS Capital.

This approach flips the typical startup wisdom: rather than scaling fast, they chose to scale right. It reflects the culture of Stripe or early Facebook — high-quality engineers who build tools other engineers love.

Initially criticized for hiring only from top-tier institutions, CEO Michael Truell admitted this bias limited their reach. The company has since evolved to prioritize divergent thinkers and fast learners regardless of their pedigree. Founders who course-correct this early in their journey tend to outperform in the long run. That learning agility is arguably more valuable than any credential.

Robust Organic Growth Validates Product-Market Fit

Cursor reached $100 million in ARR within a year—without any marketing spend—driven entirely by word-of-mouth and virality. This rapid growth underscores exceptional organic demand. Its free tier, offering 2,000 code completions per month, serves as an effective top-of-funnel, converting developers into paying customers and fueling exponential user growth.

Anysphere’s go-to-market (GTM) motion is a clear outlier. The company achieved $500 million in ARR without traditional sales or marketing, relying solely on bottom-up adoption and product-led virality—amplified by network effects across VS Code, GitHub, and social developer communities.

Most high-growth, VC-backed SaaS companies allocate 10–20% of ARR to marketing (Simple Tiger). In contrast, Anysphere effectively spent 0% on customer acquisition, achieving the fastest path to $100M ARR in SaaS history.

This growth model isn’t just efficient—it’s exponential. Every active user becomes an evangelist, turning Cursor into a self-replicating GTM engine.

Today, Cursor processes over 1 billion AI-assisted code completions per day. This generates proprietary usage data, which directly improves the product and models—creating a self-reinforcing data network effect. Much like Google Search, Cursor’s usage is becoming its moat.

Anysphere isn’t just moving fast—it’s building differently. In a crowded market of API wrappers and lookalikes, it stands out as a rare AI-native company, with deep, defensible moats across product, team, and data.

Key Concerns

Dependence on Third-Party Foundational Model

Anysphere’s Cursor relies heavily on foundation models like OpenAI to power its LLM capabilities. While the company has a lean, asset-light platform, its current operating model is deeply tied to third-party AI providers. Cursor processes approximately 1 billion lines of code per day through external APIs, meaning any change in pricing, rate limits, or GPU availability at providers (largely, OpenAI and Anthropic) has a direct impact on its cost structure and service reliability.

The broader industry trend toward in-house model development could help reduce this dependency over time. However, Anysphere’s path to sustainable margins depends on three critical milestones:

Model Efficiency: Proprietary lightweight models must outperform GPT-4 on a cost-per-latency basis for at least 80% of queries.

Dynamic Routing: A multi-model orchestration layer must reliably reroute traffic to alternatives like xAI, or other open-source models during OpenAI’s and Anthropic’s outage or slowdown.

Enterprise Pricing Leverage: Tiered pricing models for enterprises must effectively absorb cost volatility through structured overage charges.

Until these capabilities are proven at scale, Anysphere’s reliance on external platforms remains a core execution risk and a potential bottleneck to its margin expansion story.

Potential Commoditization of AI-Powered Coding

Anysphere’s biggest long-term challenge is the risk that AI coding tools become a commodity. Open-source models like Code Llama, DeepSeek-Coder, and StarCoder are improving quickly, making basic tasks like code suggestions, bug fixes, and documentation generation standard features. Big tech players—Microsoft (GitHub Copilot), Google (Gemini), and AWS (CodeWhisperer)—are now offering these tools as part of their cloud and development environments, often for free or at very low cost. For large companies, this “good enough and already built-in” approach is hard to ignore.

To justify Cursor’s $20–$40 price tag, Anysphere needs to offer more than just better code output. It must deliver full, integrated developer experience—handling everything from project-wide insights to terminal-level tools.

A key weakness is that Anysphere doesn’t have access to exclusive data. Most of the code it learns from is public and not unique. This puts the company in a tough spot—at risk of being squeezed between cheap coding helpers and next-gen platforms that aim to automate entire development workflows.

To stay relevant, Anysphere must move beyond code suggestions and become a full development platform powered by AI—from planning to coding to testing. Its long-term advantage won’t come from having the most powerful AI model, but from owning the developer’s workflow, earning enterprise trust, and building a strong community around its product. In a future where AI coding is the norm, success will depend on delivering the complete experience—not just speeding it up.

Industry Overview

The global generative AI in coding market was valued at $19.1 million in 2022 and is projected to expand at a CAGR of 25.2% from 2023 to 2030, according to Grand View Research. The integration of AI and machine learning ML into software development has catalyzed the emergence of generative AI in coding. This technology automates and enhances various aspects of coding, reducing manual effort, shortening development cycles, and improving productivity. It plays a critical role in managing complex coding demands in ML, deep learning, and data analysis applications.

Generative AI is increasingly being embedded into Integrated Development Environments (IDEs) to enhance developer efficiency through real-time code suggestions and automated generation. This convergence of AI and traditional development methodologies is creating a more streamlined and collaborative coding environment. A notable example is Microsoft’s Visual Studio IntelliCode, an AI-powered extension that improves the developer experience within the Visual Studio IDE, accelerating software development through intelligent assistance.

Ongoing research is focused on leveraging AI to automate coding tasks, from generating code snippets to resolving programming challenges. This approach improves the overall development workflow and supports more efficient testing, optimization, and deployment. ML-powered tools are reshaping how developers write, test, and refine code.

AI in the coding market can be segmented into code generation and code enhancement. Code generation led the market with a 37.4% revenue share in 2022, per Grandview Research. Using ML models, generative AI can automatically generate code, recommend snippets, and construct algorithms based on existing code patterns. This drives faster development and supports complex tasks such as algorithm design and machine learning. Code enhancement is projected to grow at a faster CAGR of 26.6% from 2023 to 2030, per Grandview Research. This segment involves using AI to optimize code for performance, efficiency, and functionality. Generative algorithms analyze structural and execution patterns to eliminate inefficiencies and streamline performance.

North America held the largest market share at 29.3% in 2022, per Grandview Research. Tech hubs across the US and Canada are rapidly adopting generative AI to enhance development efficiency and code quality. Educational institutions are also incorporating AI-focused curricula to prepare the next generation of developers.

The market is highly competitive, with a few global players holding significant market share. Key strategies include product innovation and strategic partnerships. For example, in July 2023, Persistent Systems partnered with Google Cloud to launch generative AI solutions that support large-scale technology adoption, accelerate code migration, and improve developer productivity by reducing time-to-market and operational costs.

Financials

Anysphere’ Revenue Estimates – MVR Analysis

We expect Anysphere to capture a 2-3% share of the AI code tool market by 2030. Furthermore, we believe that its AI-powered coding technology will unlock expansion into software engineering market. These revenue streams will contribute significantly to Anysphere’s bottom line by 2030. Given these assumptions and projections, we estimate that Anysphere’s revenue will experience substantial growth in the coming years, estimates for which are as follows:

As of January 2025, Anysphere reported a paying user base of approximately 360,000. Given the platform’s accelerating adoption and market momentum, it is reasonable to project a 5- to 10-fold increase in the number of paying users by the end of 2025, resulting in an estimated annual total ranging between 1.8 million and 3.6 million paying users. Anysphere offers six distinct payment structures: Pro (monthly), Pro (annual), Business (monthly), Business (annual), Ultra, and Enterprise. To estimate 2025 revenue, we have allocated projected users across these four pricing categories.

Looking forward to 2030, we assume a CAGR of 20% in the number of paying users. Additionally, pricing is projected to escalate at an annual rate of 8.7%, aligning with the industry-wide SaaS inflation benchmark reported by Vertice. Revenue projections based on these growth and pricing assumptions are as follows:

Anysphere’s reported ARR exhibited remarkable acceleration in early 2025, rising from $100 million in January to $300 million by April, and reaching $500 million in May. Assuming the company sustains a conservative monthly ARR growth rate of 5% to 10% for the remainder of the year, its total revenue for 2025 is projected to fall within the range of $700 million to $1 billion.

Extrapolating from this base, we forecast revenue growth through 2030 by applying a graduated YoY growth model: 30% in 2026, tapering sequentially to 29% in 2027, 28% in 2028, 27% in 2029, and 26% in 2030. Under this framework, Anysphere’s 2030 revenue is projected to range between $2.4 billion and $3.3 billion.

Implied Private Market Valuation

Anysphere represents a paradigm shift in AI-powered coding assistance, exhibiting an unprecedented adoption trajectory. While the company currently lacks direct public market comparables, parallels can be drawn from established enterprise AI firms that have accessed public capital markets.

Among the most relevant comparables are C3.ai, LivePerson, and ServiceNow. C3.ai, for instance, provides a platform for developing and deploying AI solutions across a variety of industrial sectors, including oil and gas, manufacturing, and retail. LivePerson specializes in conversational AI and commerce software, while ServiceNow offers a natively integrated AI platform tailored for rapid deployment within enterprise workflows.

At the time of their respective initial public offerings (IPOs), these companies were valued at $4.0 billion (C3.ai), $0.2 billion (LivePerson), and $3.0 billion (ServiceNow). Their annual revenues at that time were roughly $160 million, $10 million, and $90 million, respectively. These figures yield EV/Revenue multiples of 25.0x, 20.0x, and 33.3x. Averaging across these three data points produces an implied EV/Revenue multiple of approximately 31.7x.

Given Anysphere’s exceptional revenue growth, demonstrable product-market fit, and viral adoption rates, it is analytically sound to project that, in the event of a public listing in 2025, Anysphere could reasonably command an EV/Revenue multiple in line with this 31.7x benchmark.

Applying the multiple to Anysphere’s revenue projections (MVR estimates), a valuation range between $22.3 billion and $30.9 billion is achieved. In this context, the company’s current valuation of $9.9 billion appears markedly conservative. This valuation gap highlights Anysphere as a significantly undervalued asset and a compelling opportunity for investors seeking exposure to high-growth enterprise AI infrastructure.

Funding Rounds & Private Valuations

Anysphere has secured around $1 billion in funding across four funding rounds. Anysphere’s popular AI coding solutions have led to significant investor interest since 2024. Notably, the company raised $60 million in July 2024, followed by a $105 million series B round in December 2024. The company’s ability to attract investment has continued to grow, with its latest funding round – a $900 million Series C in May 2025, with investors including Thrive Capital, Accel, Andreessen Horowitz, DST Global, and other undisclosed investors. The latest funding round valued the company at $9.9 billion, a 281% markup from its valuation of $2.6 billion post-series B in December 2024.

Comparative Public Multiples

The following table shows the public peer multiples of enterprise AI companies and AI code tool companies. These multiples provide a useful reference for valuing Anysphere. Given that Anysphere is the fastest-growing AI-powered coding company, we believe the startup’s valuation multiple should command a premium over its public peers.

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